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Patong - The Wake

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Disagree.........rent is cheap here by comparison to others countries and some places are well furnished, with aircon etc.
 
Next time you hear the words "cheap rent" think of those of us retirees who have hundreds of thousands of dollars invested elsewhere in various investments, have their own cars and bikes and who regularly spent upwards of 1.25 million baht a year here on living expenses alone AND who could buy any sort of property they wanted.
 
The point a lot of people miss is that these folk DON'T WANT TO BUY HERE because reselling the place if they want to move is damn near impossible, and having no money tied up in dead real estate means they (we) can move absolutely anywhere at the "drop of a hat"..........that feeling of freedom is hard to put a value on.
Your right for the 20% but for the rest cheap rent is not a luxury condo comparison to the West but what they can afford and that's a cheap little shoe box.

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19 hours ago, NamKangMan said:

 

Did it ever occur to you the term "cheap rent" means in comparison to their home country????

 

 

rent is cheap and better than buying ( at least if u buy now) as you wont get your money back, IF u can sell it.

Edited by phuketrichard

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1 hour ago, phuketrichard said:

 

 

rent is cheap and better than buying ( at least if u buy now) as you wont get your money back, IF u can sell it.

 

If you intend to live in phuket for several years or longer, buying is the best idea. Don't burn your money by renting.

 

Just be sure to buy something in a good location and at the right price and you will be happy long term.

 

 

 

 

 

 

 

 

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19 hours ago, Mysterion said:

 

Regarding buying vs renting...

For a foreigner, buying an exisiting foreign freehold condo at the right price will significantly beat long-term renting of an equivalent unit every time(as long as you pay the right price to begin with).

 

As i have mentioned before, you can find some great deals on existing west-coast condos in phuket if you do your research. If you buy interior or east coast you are taking a bigger risk as supply/demand characteristics are not as attractive.

 

Better to buy and not burn money on rent if you fairly certain you plan on staying a few years or longer in one place.

 

The key to your success will be choosing a good location, finding a well maintained building, and at a reasonable price.

 

Regarding a business...

Opening a business anywhere in the world is a potential pandoras box of risks, not just in thailand.

 

Hope that helps.

 

cheers.

 

 

 

"For a foreigner, buying an exisiting foreign freehold condo at the right price will significantly beat long-term renting" - how so?  The money they want for a condo / apartment here, even at a "reasonable deal" still earns me more than what I pay in rent here. 

 

So, why wouldn't I keep that money working for me elsewhere, use what it it earns to pay the rent here, and keep the difference as a profit, so to speak?

 

And this basic math doesn't even consider visa laws, over supply of properties on the market, foreign ownership laws, political instability, currency fluctuations, town planning, taxes, fees, maintenance etc etc. 

 

"Better to buy and not burn money on rent" - but the money is not "burnt money."  It's money that is earned with the same capital outlay as buying here, but with a surplus left over.  

 

"The key to your success will be choosing a good location" - success in what????  Capital gain????  They keep building and building here.  That decreases the value of existing second hand housing stock.  For me, the "success" is I am renting, and still making money on that capital, because I haven't bought here.  Renting here makes me money, not costs me money.  It's not rocket science. 

 

In relation to the opening a business comment I made, that is beyond risky now.  "Pandora has a larger box on Phuket than many other places in Thailand, let alone, any other city / country. 

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19 hours ago, Mysterion said:

 

 

There are not “thousands, yes, thousands, of properties on the market here”.

 

There are maybe around 1000 exisiting/built condos available for sale, give or take 100 or 200, at any one time in Phuket. 

 

Most of the condos that are in decent locations are being rented out long term or seasonally while they remain up for sale, thus earning a yield.

 

Off-plan units are a different market. They are mostly far overpriced, and buyer beware some may never even get built.

 

There may indeed be “thousands” of off-plan units being offered, but half or less may actually have enough sales to ever get built. 

 

 

"There are not “thousands, yes, thousands, of properties on the market here”." - "There are maybe around 1000 exisiting/built condos available for sale,"

 

Doesn't that make it in "the thousands" for sale here????  Your words, not mine. 

 

"Most of the condos that are in decent locations are being rented out long term or seasonally while they remain up for sale," - I accept that, but doesn't that mean the owner of the property wants out????  Ever wonder why that may be the case, with so many of of them on the market????

 

As far as buying off the plan, that's the equivalent of a "sick buffalo" in Issan story for buying a property here.  Total lies, and scam.  

 

 

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11 hours ago, xylophone said:

Disagree.........rent is cheap here by comparison to others countries and some places are well furnished, with aircon etc.

 

Next time you hear the words "cheap rent" think of those of us retirees who have hundreds of thousands of dollars invested elsewhere in various investments, have their own cars and bikes and who regularly spent upwards of 1.25 million baht a year here on living expenses alone AND who could buy any sort of property they wanted.

 

The point a lot of people miss is that these folk DON'T WANT TO BUY HERE because reselling the place if they want to move is damn near impossible, and having no money tied up in dead real estate means they (we) can move absolutely anywhere at the "drop of a hat"..........that feeling of freedom is hard to put a value on.

 

Well said, XP.

 

Sums it up perfectly, and in my case, I have the other small issue of being under 50 years of age, so, it's not beyond the rlems of possibility that if I did buy a property here, I may not even be able to live in my own place here.  

 

So, apart from my money working for me harder than the cost of my rent here, I have the risk of possibly not being allowed to live in the very property i have bought here.

 

So, why bother???? 

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8 hours ago, NamKangMan said:

 

"For a foreigner, buying an exisiting foreign freehold condo at the right price will significantly beat long-term renting" - how so?  The money they want for a condo / apartment here, even at a "reasonable deal" still earns me more than what I pay in rent here. 

 

So, why wouldn't I keep that money working for me elsewhere, use what it it earns to pay the rent here, and keep the difference as a profit, so to speak?

 

And this basic math doesn't even consider visa laws, over supply of properties on the market, foreign ownership laws, political instability, currency fluctuations, town planning, taxes, fees, maintenance etc etc. 

 

"Better to buy and not burn money on rent" - but the money is not "burnt money."  It's money that is earned with the same capital outlay as buying here, but with a surplus left over.  

 

"The key to your success will be choosing a good location" - success in what????  Capital gain????  They keep building and building here.  That decreases the value of existing second hand housing stock.  For me, the "success" is I am renting, and still making money on that capital, because I haven't bought here.  Renting here makes me money, not costs me money.  It's not rocket science. 

 

In relation to the opening a business comment I made, that is beyond risky now.  "Pandora has a larger box on Phuket than many other places in Thailand, let alone, any other city / country. 

Again, if you bought/buy for the right price, in the right location, you can make a great yield and/or capital gain in Phuket, just as you can in other parts of the world.

 

You need to do your research to find the deals. I know of a number of properties that yield about 10% per year if rented out for three or four months only in the high season.

 

Almost always better to own vs renting long term if you buy at a the right price in a good location and there is potential for a capital gain. 

 

In regards to businesses, some expats are making great profits, while others are losing money. Risks/rewards are generally on par with anywhere else.

Edited by Mysterion

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8 hours ago, NamKangMan said:

 

"There are not “thousands, yes, thousands, of properties on the market here”." - "There are maybe around 1000 exisiting/built condos available for sale,"

 

Doesn't that make it in "the thousands" for sale here????  Your words, not mine. 

 

"Most of the condos that are in decent locations are being rented out long term or seasonally while they remain up for sale," - I accept that, but doesn't that mean the owner of the property wants out????  Ever wonder why that may be the case, with so many of of them on the market????

 

As far as buying off the plan, that's the equivalent of a "sick buffalo" in Issan story for buying a property here.  Total lies, and scam.  

 

 

A thousand

units is not at all the same as the “thousands” that you claimed. Big difference.

 

You need to decide if it is a thousand, or the “thousands” that you claim to be available for sale??? 

 

Almost every house that exists is for sale, publicly or privately, for the right offer.

 

Foreign investors are almost always interested to sell their homes if given a good offer: They may often put it up for sale and let it sit on the market as they simultaneously collect their rental yields. A common and wise business practice.

 

If you believe you can get a better total return(income and cap gain) elsewhere, thats what makes a market.

However, many people also believe they can get a better total return in phuket property.

Edited by Mysterion

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16 hours ago, Mysterion said:

A thousand

units is not at all the same as the “thousands” that you claimed. Big difference.

 

You need to decide if it is a thousand, or the “thousands” that you claim to be available for sale??? 

 

Almost every house that exists is for sale, publicly or privately, for the right offer.

 

Foreign investors are almost always interested to sell their homes if given a good offer: They may often put it up for sale and let it sit on the market as they simultaneously collect their rental yields. A common and wise business practice.

 

If you believe you can get a better total return(income and cap gain) elsewhere, thats what makes a market.

However, many people also believe they can get a better total return in phuket property.

 

I have done this before, I'll do it again, for your benefit.

 

Siam Real Estate is one of the bigger online realtors, so I will use them as an example.

 

Phuket All Locations - House / Villa - 517 properties for sale.

                                      -   Condo / Apartments - 308 properties for sale.

                                      -  Villa / Condo - 825 properties for sale.

 

I did not include land and commercial property. 

                                     

Total - 1650 properties for sale, on just ONE online website. 

 

Then, there are a multitude of other websites, and privates sales, and simple "for sale" signs on the front of properties, so, YES, there are THOUSANDS of properties for sale here, many of which have been on the market for over a year, with many on the market for several years. 

 

Check out the figures for yourself.  Here's the link. 

 

https://www.siamrealestate.com/

 

 

 

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17 hours ago, NamKangMan said:

 

I have done this before, I'll do it again, for your benefit.

 

Siam Real Estate is one of the bigger online realtors, so I will use them as an example.

 

Phuket All Locations - House / Villa - 517 properties for sale.

                                      -   Condo / Apartments - 308 properties for sale.

                                      -  Villa / Condo - 825 properties for sale.

 

I did not include land and commercial property. 

                                     

Total - 1650 properties for sale, on just ONE online website. 

 

Then, there are a multitude of other websites, and privates sales, and simple "for sale" signs on the front of properties, so, YES, there are THOUSANDS of properties for sale here, many of which have been on the market for over a year, with many on the market for several years. 

 

Check out the figures for yourself.  Here's the link. 

 

https://www.siamrealestate.com/

 

 

 

Firstly, you have somehow mistakenly doubled the actual amount of villa/condos for sale on their website. There was only a total of 825 villa and condos for sale. Not “1650 properties”, and  far less than the “thousands” you claimed earlier.

 

Secondly, villas are not legally for sale to foreigners, and according to their website, there are only 309 apartments and condos for sale. Of which, only 50-60% would probably be foreign freehold units.

 

Therefore, they are only offering about 150-180 properties that are available for foreigners to legally own freehold. That is actually a very small supply of units considering that the estate agency is one of the biggest, if not the biggest sellers in Phuket.

 

Btw, many of the same units on the market are often offered on multiple websites, so be careful assuming that each website offers a unique set of properties.

 

 

 

 

 

 

 

 

 

Edited by Mysterion
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3 hours ago, madmax2 said:

Why would a single male with no family in Thailand invest in property here which he cannot own personally, only thru a thai partner which he does not have or a thai company which he controls the voting rights in which is not legal, he's better off renting, rents are cheap and you can shift any time you want to

All the expats i know have Thai wifes or long term partners and have invested in property here in their wife's name or a company name, they really are expats and have made Thailand their home and has no problem investing money here for their Thai families eventual benefit

 

If you shop around there are still good buys that come up even now, if you inspect a property with a agent make your offer thru him/her,but agents here are absolutely useless and do not have a clue how to inspect or value a property and just put it on the market at the vendors inflated asking price, thats why so many properties have been on the market for over 7 years

 

If you have a  area you are interested in buying property in let the local owners know you are a potential buyer and deal directly with them and do your own due diligence as the agents do not do it and have no clue about the outgoing expenses on properties or who the actual legal owner is from my own personal experience of dealing with them

If after you have done due diligence  you are still interested in buying a property make it full payment in cash on settlement, do not pay a deposit as you are very unlikely to get it back if the property is not as described by the vendor/agent and the only way you may get your money back is by using a professional debt collector, better of paying them from the money they collect from dishonest people       

Are you aware that foreigners can legally buy and own foreign freehold condo units?

 

Edited by Mysterion

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BANGKOK 21 February 2018 05:56
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